Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 1, Problem 10EA
To determine
Prepare a statement of
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Emerson Real Estate Appralsal
Adjusted Trial Balance
June 30, 2016
Balance
Account Title
Debit
Credit
Cash
%24
4,200
Accounts Recelvable
5,500
Office Supplies
2,300
Prepaid Insurance
2,000
Building
73,000
Accumulated Depreciation-Bullding
$
25,300
Land
13,400
Accounts Payable
19,500
Interest Payable
8,500
Salaries Payable
1,600
Uneamed Revenue
4,300
Notes Payable (long-term)
35,000
Emerson, Capital
41,500
Emerson, Withdrawals
27,600
Service Revenue
48,200
Insurance Expense
4,400
Salaries Expense
32,600
Supplies Expense
700
Interest Expense
8,500
Utilities Expense
2,400
Depreciation Expense-Building
7.300
Total
183,900 $
183,900
41.500
Luisa is concerned about risks and liabilities involved with business ownership.
What actions can she take to BEST protect her personal property against the
financial obligations of her business?
Register the business name; patent the logo
O Establish an IRA; set up automatic withdrawals
O Seek legal counsel; choose the right legal structure
O Hire an accountant; enroll in online banking
O
14 of 15
10
Sep 18
Balance sheet practice ADVANCED:
Sally's Sandwiches is a family run business. They don't have a lot of experience in
finance and they hoped to save money by not hiring a professional. Their cousin
Lin complied the information, but realized it was too hard to make the balance
sheet. Using the information below, create a balance sheet for them so that they
don't have to hire someone.
Information for Sally's Sandwiches as at 28 February 2022
Trade creditors
Non-current assets.
Sales revenue
Cash
Overdraft
Cost of good sold
Borrowings- long-term
Debtors
Interest
Share capital
Short term loans
10
150
45
7
5
13
Expenses
Dividends
Stock
62
20
15
63
21
34
11
12
Accumulated retained profits 28
Chapter 1 Solutions
Principles of Accounting
Ch. 1 - What makes accounting a valuable discipline?Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - How are expenses and withdrawals similar, and how...Ch. 1 - How do generally accepted accounting principles...Ch. 1 - Why do managers in governmental and not-for-profit...Ch. 1 - Prob. 1SECh. 1 - Match the descriptions that follow with the...Ch. 1 - Determine the amount missing from each accounting...Ch. 1 - Use the accounting equation to answer each...
Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Prob. 6SECh. 1 - Use the following accounts and balances to prepare...Ch. 1 - Randall Company engaged in activities during the...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Prob. 1EACh. 1 - Financial accounting uses money measures to gauge...Ch. 1 - You have been asked to compare the sales and...Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Daiichi Companys total assets and liabilities at...Ch. 1 - 1. Indicate whether each of the following accounts...Ch. 1 - Listed in random order are some of Oxford Services...Ch. 1 - Dukakis Company had the following accounts and...Ch. 1 - Prob. 9EACh. 1 - Prob. 10EACh. 1 - Complete the financial statements that follow by...Ch. 1 - Prob. 12EACh. 1 - Match the terms that follow with the appropriate...Ch. 1 - Prob. 14EACh. 1 - Prob. 15EACh. 1 - Prob. 1PCh. 1 - The following three independent sets of financial...Ch. 1 - Fuel Designs financial accounts follow. The...Ch. 1 - The accounts of Frequent Ad, an agency that...Ch. 1 - Athena Riding Clubs financial statements follow.Ch. 1 - A list of financial statement items follows....Ch. 1 - Three independent sets of financial statements...Ch. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Aqua Swimming Clubs financial statements follow....Ch. 1 - Costco Wholesale Corporation is Americas largest...Ch. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - Refer to the CVS annual report and the financial...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Real Life Situation: You are a company owner and you decide to sell your own personal computer to your own business for $1,200. From now on, that computer will be used only for business purposes. How would you record the related transactions regarding the above decision in your company accounting books?arrow_forwardA business like NetSolutions estimates customer refunds and allowances for each year’s sales that might be owed to customers the following year. The year-end balance is recorded on the ___________ as a ______________. Group of answer choices Statement of Owner's Equity; decrease in owner's equity Income Statement; current liability (Customer Refunds Payable) Balance Sheet; current liability (Customer Refunds Payable) Statement of Cash Flows; Operating Activityarrow_forwardQuestion eleven: Mr. Amani has been working as a retail trader and his wife was the one who keeps the books of account. Of recent, they decided to hire an accountant. The Financial Statement for the period ended 31st December 2016 and the books of account were handed over to this new accountant. The profit or loss account showed a net profit of TZS.15,667,000. On reviewing the books and the Statement of Profit or Loss, the accountant discovered the following: (i) Drawings of TZS.2,200,000 were included as miscellaneous expenses (ii) Rent expenses included rate for the half year ending 31st May 2017 of TZS.750,000 (iii) Motor van expenses do not include a repair carried out in December 2016 but not yet invoiced. It is expected to cost TZS.258,000 (iv) Stationery purchases of TZS.780,000 were expensed but did not take into consideration stationery stocks at 31st December 2015 of TZS.105,000 and at 31st December 2016 of TZS.143,000 (v) Debtors amounted to TZS.3,450,000 but 10% of them…arrow_forward
- TaskA motivated entrepreneur, Mrs. Amanda opened her beauty salon at the beginning of March 2020 under the trade name "Amanda Beauty Salon". Its specialty lies in the services of skin, hair and nail care, treatment and mandatory cleaning of the salon. Since Amanda lacks experience with bookkeeping and accounting requirements under IFRSs, she has requested your help with accounting for all transactions. the question : Examples of financial transactionsi. Ms. Amanda’s investment of money in the business ii. Performance of services for cash and credit iii. Payment of expenses iv. Purchase of assets for cash and credit v. Collection of cash from debtor’s accountsvi. Payment of cash to creditor’s account From the financial transactions in c, prepare the pro-forma templates for the following: i. Journal entriesii. Ledger accounts iii. Trial balancearrow_forwardAvatar Corp Journal entries. What is the correct titles and how does the $180000 net income get journaled? See attached image. I keep striking out with my entriesarrow_forwardD. What was the economic profit or loss of Julian’s online clothing store in 2019? E. Evaluate the business performance based on economic profit.arrow_forward
- To obtain financing for her hair salon, Valeri asked you toprepare a balance sheet for her business. When she sees it,she is disappointed that the assets exclude a value for herlist of loyal customers. What can you tell her to explainwhy this “asset” has been excluded? Knowing this, whatshould she tell her banker when they meet next week?arrow_forwardWhat is net income? What is a net loss? Why are owners interested in the income statement? Why are bankers interested in the income statement of a business to which they loan money? Why would investors provide a business with cash? Why must a business provide an income statement to the governmen? tWhy are drawings not included in the income statement?arrow_forwardThe following information is taken from the records of Baklava Bakery for the year 2019. A. Calculate net income or net loss for January. B. Calculate net income or net loss for February. C. Calculate net income or net loss for March. D. For each situation, comment on how a stakeholder might view the firms performance. (Hint: Think about the source of the income or loss.)arrow_forward
- The owner’s equity will reduce when ________ i. A business obtains net profit ii. A business incur net loss iii. The owner contributes additional capital iv. The owner pays the business debt using his own pocket money v. The owner withdraws goods for his personal consumptionarrow_forwardWhich of the following experts would be more objective? expert who owes money to the client O expert is a past employee of the company O expert is related to the chief financial officer of the client O expert is completely independent of the clientarrow_forwardCan you please explain why "A business owner removes supplies that are worth $1,200 from the company stockroom. She intends to take them home for personal use. What effect will this have on the company's Net Income? " No effect no Net Income. I would have chose Net Income decrease. Because Supplies, once used up needs to be expensed. So expenses reduce revenue. So the revenue is being reduced, causing the overall Net Income to reduce.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License